Atlassian TEAM shares soared 4.1% in the last trading session to close at $237.56. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.3% gain over the past four weeks.The upswing came after Atlassian reported solid third-quarter fiscal 2021 results and provided impressive guidance for the fourth quarter. The company’s non-IFRS earnings per share of 48 cents beat the Zacks Consensus Estimate of 29 cents. Moreover, the figure surged 92%, year on year, mainly driven by higher revenues.The company’s fiscal third-quarter revenues jumped 38% to $568.7 million on the elevated short-term demand for its on-premises products, as customers rushed to purchase ahead of both the planned price changes and the discontinuation of new server license sales. New client additions and increased pricing on certain products also boosted revenues during the quarter. However, the top line missed the Zacks Consensus Estimate of $569.2 million.For fourth-quarter fiscal 2021, the company anticipates revenues between $513 million $528 million (mid-point $520.5 million), suggesting year-over-year growth of 19-23%. Non-IFRS gross margin is anticipated to lie between 84% and 85%. Non-IFRS operating margin is projected to be around 13%. The company expects to report non-IFRS earnings per share of approximately 17 cents.Price and ConsensusThis company is expected to post quarterly earnings of $0.22 per share in its upcoming report, which represents a year-over-year change of -12%. Revenues are expected to be $498.86 million, up 15.9% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Atlassian, the consensus EPS estimate for the quarter has been revised 7.3% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on TEAM going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Atlassian Corporation PLC (TEAM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research